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Life Insurance Benefits

Life insurance is considered one of the best options to choose for investment because it has many benefits. Life insurance is also known for the peace of mind it gives to the insured person for the financial security given to the family after the insured person's death.

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1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What is Life Insurance and How Is It Helpful?

Life insurance is the contract between an insurer and an insured person in which the insurer gives assurance to its customer to give a sum assured amount of money to its family member after the death of the insured person. Life insurance works as a financial roof for the head of family members after the death of an insured person. An insured person pays a premium in exchange for a Life insurance policy which is given by the insurance company.

Life insurance is a kind of insurance plan and investment which is helpful in different ways and some of them are below:-

  • It acts as an income replacement for the family after the death of the insured person and helps with the ongoing expenses of the family.
  • There are certain tax benefits which can be used by an insured person to save money from taxable income.
  • It can be used as a collateral for loans.
  • It gives peace of mind to an individual knowing that their family is secure and they will not face any financial crisis in future in his/her absence.

Term Life Insurance Premium Calculator

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What Are The Benefits of Having Life Insurance?

Life insurance comes with several benefits through which an individual can take advantage of it and save money. It provides peace of mind to the individual that their family will be safe after their absence.

Some of the main benefits of life insurance are given below:-

Tax Benefits - Life insurance comes with several tax benefits which can be used to save money from tax. Under section 80C of the Income Tax Act 1961 the premium which is paid for life insurance will be deducted from taxable income, and under section 80 10(10D) no tax will be imposed on the sum assured amount which will be given to the nominee after the death of the policyholder.

Income Replacement - It acts as an income replacement for the family after your death and helps with daily living expenses.

Peace of Mind - It gives peace of mind knowing that your family is financially protected in your absence.

Collateral - Policyholders can take a loan against the life insurance policy which means that they can keep their policy as collateral.

Health Coverage - Life insurance covers various types of illnesses like terminal and critical. This can be added to the base plan with a nominal premium.

Retirement Income - Some life insurance plans come with a retirement plan in which the sum assured amount will be given to the insured person after their retirement.

Benefits of Buying Life Insurance in Early Years of Life

Investing money in Life insurance at an early age is considered a good investment decision. Life insurance gives facilities for both savings and covers the expenses of unexpected events like accidents, death etc. Buying life insurance at an early age comes with a lower premium rate.

Low premium- The premium amount of the life insurance plan is lower when you are younger and healthy. The insurance company calculates risks based on your age and medical condition when you buy life insurance from them.

Low Rejection Rate- When you are at a younger age with good health condition with no medical issues then the underwriter will easily approve the policy and it will be delivered to you.

Cash value Increases- There are some insurance plans in which cash gets collected and its value increases with time, so taking life insurance at an early age will help to grow money value over time.

Add-On Benefits- Taking life insurance at an early age helps in taking different types of add-on benefits which depend on the health and age of an individual.

Tax Benefits- The Government of India gives various types of tax benefits to individuals who have life insurance plans through which they can save their money from tax deductions using different sections of the Income Tax Act 1961.

How are Life Insurance Plans Suitable For Your Needs?

Age Group

Needs

In 20s

  • At the age of 20-30, many individuals get their UG and PG degrees and due to the increase in inflation in the education sector students get the expense of their degree from the education loan. In case the person who has taken an education loan dies then the burden of repaying the loan will not go on the head of the family. It will be covered from the sum assured amount received by the nominee.
  • In case someone has bought his first home with the help of a home loan and after some years he dies then the outstanding amount will be covered by life insurance.


In 30s

  • After the age of 30 people have their families after marriage and financial security for the family is very necessary, so taking life insurance at this age decreases the financial risk of families after the death of an insured person.
  • It also helps in the educational expenses of children after the death of their parents.

In 40s

  • People of this age group carry most kinds of debt on their heads like car loans, home loans, personal loans etc. So in case the person dies then the outstanding amount will be paid through the sum assured received from life insurance after their death.
  • Buying life insurance at this age will reduce the stress of their educational expenses.

In 50s

  • At this age, people think about their retirement and many companies do not give pensions to their employees so after retirement planning is essential.
  • After retirement, if anything happens to an individual then their spouse should not face a financial crisis so life insurance at this age is necessary.

Life Insurance Companies User Reviews

What users are saying
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024
  • User-Friendly Portal

    InsuranceDekho has helped me find a perfect Life Insurance Plan from ICICI Prudential. It fits my budget and all my family's needs. Thanks to the online premium calculator, I was able to compare all my plans before making a decision. They have such an easy-to-use portal. Recommend to everyone. 

    J
    ICICI Prudential
    By Jipin TP
    On: June 21, 2024
  • Supportive team

    Insurancedekho helped me understand the importance of a joint life insurance plan for both me and my wife. Based on their recommendation, we bought HDFC Life Insurance. Their advice has come in handy, and now we enjoy the benefit of safety it provides. Thank you so much, team. 

    K
    HDFC
    By Karthick arjuna
    On: June 21, 2024
  • Customer Satisfaction

    My child has special needs, and upon referral from my family friend, I bought PNB MetLife Insurance for my kid from InsuranceDekho. Shruti from the customer support team helped me at every stage, and now my family has financial security for their care after I am gone. Thank you. 

    N
    PNB Met
    By Niliska D’Souza
    On: June 21, 2024

Latest Life Insurance News

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  • Why should I buy life insurance?

    If you are the sole breadwinner of your family, then you must have life insurance to ensure that your family continues to receive financial protection even when you are not there with them. Life insurance ensures the financial safety of your family in your absence. In case of a misfortunate event of your demise, a life insurance policy provides sum assured to your family. Your family can use the sum assured to meet expenses.

  • What are the benefits of life insurance?

    Following are the benefits of having life insurance: 

    • Financial stability for your family in your absence
    • Tax benefits under Section 80C of the Income Tax Act, 1961
    • Regular money back payouts with money back/endowment plan
    • Option to avail loan against your policy that has a savings component 
  • Is life insurance necessary?

    No. Life insurance is not necessary but it is a wise decision to buy it if you are the sole earner in your family and have a dependent spouse and/or children. Apart from offering support to your family, a life insurance policy offers a number of advantages as well as flexibility for investment.

  • Can I avail tax benefits on the premium paid for life insurance policy?

    Yes. You can avail tax benefits on the premium paid for life insurance plans under Section 80C of the Income Tax Act, 1961.  

  • Do I have flexibility for premium payment for life insurance plans?

    Yes. You can pay premiums for life insurance plans on a quarterly, monthly, half-yearly, or yearly basis. However, it is better to opt for a monthly payment mode as it becomes easy on the pocket. 

  • Q. What is the age limit for purchasing Life insurance?

    The age limit for purchasing life insurance is between 18 years to 65 years old.

  • Q . Is there any benefit in buying life insurance at an early age?

    A . Yes the premium will be low if life insurance is purchased at an early age.

  • Q. Can a life insurance policy get rejected if someone buys it at the age of 55+?

    A . yes there is a chance of rejection if the buyer doesn't have a good health condition.

  • Q. Does smoking affect the premium amount?

    A . Yes the premium amount gets affected if you are a smoker.

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